In this guide

  • Our verdict
  • Details
    • Product details
  • Your reviews
  • Ask a question
Finder makes money from featured partners, but editorial opinions are our own. Advertiser disclosure

Bank of America Balance Assist loan review

  • Avatar
Bank of America Balance Assist loan
Min. Amount
Max. Amount
Turnaround time
Same day

Our verdict

Current BofA customers can borrow up to $500 for a $5 flat fee starting in 2021.

Balance Assist from Bank of America (BofA) is an alternative to payday loans for current customers. Payday loan APRs can top 900% in some cases, but Balance Assist it never goes higher than 29.76%. In many cases, it's competitive even compared to other low-cost payday loan alternatives.

But you can't get this loan unless you've already had a BofA checking account for at least a year. And you must also have a positive balance in all of your BofA checking accounts to qualify. Look into other options if you don't meet these criteria. Plus, the loan is only being rolled out to select states in 2021 — it won't be available nationwide until 2022.

In this guide

  • Our verdict
  • Details
    • Product details
  • Your reviews
  • Ask a question
  • Best for Bank of America clients looking for loan under $500.
  • Pick something else if you don't have a Bank of America checking account.


Product details

Product Name Bank of America Balance Assist loan
Min. Amount $100
Max. Amount $500
Loan Term 90 days
Loan Security Unsecured
Turnaround Time Same day
Requirements Have a Bank of America checking account for at least one year with regular monthly deposits

First, am I eligible?

To qualify for a Balance Assist loan from BofA, you must meet the following criteria:

  • Have a BofA checking account open for at least one year
  • Regular monthly deposits into checking account
  • Positive balance on all BofA checking accounts
  • No open Balance Assist loan
  • No open Balance Assist loans in the past 30 days

However, having a BofA SafeBalance account won’t help you qualify for this loan — it isn’t included under the eligible accounts.

What states is the Balance Assist loan available in?

Balance Assist loans will be available in all 50 states, as long as you have a checking account. While this bank doesn’t have locations in every state, the application is available online and you don’t have to visit a branch.
Select states will see the Balance Assist loans in 2021, according to BofA, with the program going nationwide by 2022.

What makes the Balance Assist loan unique?

The Balance Assist loan costs a fraction of what you’d pay for a loan of that size in most states. The $5 flat fee and three months to pay it off make for an APR that tops out at 29.76%, which is an extremely low maximum for a short-term loan.

Balance Assist pros and cons


  • Flat $5 fee on all loans
  • APR from 5.99% to 29.76%
  • Same-day funding
  • 90-day term


  • Only available to Bank of America customers
  • Must have a checking account for at least a year
  • Requires positive balance on all checking accounts
  • Turns off overdraft protection on the account you apply with

Compare alternatives to Bank of America

Name Product Filter Values Loan amount Turnaround time Requirements
Finder Score: 4.7 / 5: ★★★★★
Up to $750 per pay period, but only $100 per day
1 to 3 business days or instant for a fee
Direct deposit sent to a checking account, a regular pay schedule, a fixed work location or an online timekeeping system at work
No mandatory fees, no interest and no credit checks. Subject to EarnIn terms & conditions.
Chime SpotMe®
Finder Score: 4.2 / 5: ★★★★★
Chime SpotMe®
Up to $200
Qualifying $200 direct deposits into Chime checking account each month. Chime debit or Credit Builder card.
Access fee-free overdrafts up to $200 when eligible. Plus get your paycheck up to 2 days early with direct deposit. See Chime terms and conditions.
Not rated yet
Based on the amount of accrued PTO
2 to 5 days
18+ years of age, live in eligible state, have W2 job with salary of $30k+, have PTO days accrued
Tap your unused PTO for a cash advance so you can access that money early. Available in: CO, FL, IL, MA, NY, NJ, TX, VA, OR, AR, NE, TN, ME, CT, WV
Go to site
Finder Score: 4.1 / 5: ★★★★★
Up to $250
3 to 4 days standard transfer. Same day with $3.99 to $9.99 express fee.
Not stated
Automatically monitor your spending plus access cash advances up to $100 at a time.
Dave ExtraCash
Finder Score: 4.2 / 5: ★★★★★
Dave ExtraCash
Up to $500
Up to 3 business days or instant for a fee
At least two direct deposit paychecks to your bank account from your employer, extra money in your bank account
Borrow up to $100 to avoid hefty overdraft fees.
Finder Score: 4.2 / 5: ★★★★★
$50 to $250
2 to 3 business days or within 20 minutes with Express Delivery fee
Bank account must have at least 60 days of activity, Balance must be above $0 and have an average minimum balance on pay day
Have up to $250 automatically deposited into your account — for a $8.99 membership fee.
LendYou Short-term Loans
Finder Score: 2.5 / 5: ★★★★★
LendYou Short-term Loans
Up to $1,000 for payday loans and up to $5,000 for installment loans
1 business day
$1,000+ monthly income, direct deposit, US citizen or permanent resident, ages 18+
Get offers from potential lenders in minutes by filling out just one online form.
Fast5kLoans Short-term Loans Connection Service
Finder Score: 0.2 / 5: ★★★★★
Fast5kLoans Short-term Loans Connection Service
$100 to $35,000
As soon as the next business day
Regular source of income, Verifiable bank account, US citizen, Ages 18+
Get connected with multiple lenders you might qualify with — even if you have bad credit.

How do I apply?

Applications will be available online or through BofA’s mobile app in January 2021 for account holders in select states. With similar products, you often have to log in to your account and answer a couple of basic questions about the loan amount you’re requesting to apply.

What documents do I need to apply?

Bank of America doesn’t disclose any document requirements. And it’s possible you don’t need to submit any, since eligible applicants must have an active account with the bank for at least a year.

How do repayments work?

Every borrower repays the Balance Assist loan in three monthly installments. You should be able to find information about when and how to make repayments in your loan documents.
There’s no late fee for missed or bounced payments. However, BofA will turn off any overdraft abilities on the account where you receive the funds. Watch out for NSF fees if you have any other bills on autopay that are linked to that account.
Learn where to find even more low-cost alternatives and compare our picks for the best short-term loans.

Your reviews

Not enough reviews Write a review

Ask a question

Ask a question

Anna Finder


Hi there, looking for more information? Ask us a question.

Error label

You are about to post a question on

  • Do not enter personal information (eg. surname, phone number, bank details) as your question will be made public
  • is a financial comparison and information service, not a bank or product provider
  • We cannot provide you with personal advice or recommendations
  • Your answer might already be waiting – check previous questions below to see if yours has already been asked
Accept and continue

Finder only provides general advice and factual information, so consider your own circumstances, or seek advice before you decide to act on our content. By submitting a question, you're accepting our Terms of Use and Privacy and Cookies Policy.

This site is protected by reCAPTCHA and the Privacy Policy and Terms of Service apply.

Go to site